Pursuing the “Channel to Discovery” Plan

Outline of the “Channel to Discovery” Plan

Business Portfolio Strategy We have realigned our business into three global groups according to our customers' needs. These groups are the Global Corporate Group, the Global Retail Group and the Global Asset & Wealth Management Group. We provide the most suitable products, services and solutions to our customers by maximizing the advantages of each group.

Management Structure of Mizuho The Global Corporate Group , Inc. (MHFG) The Global Corporate Group provides highly specialized and cutting-edge products and Global Global Global Group services by leveraging our comprehensive Asset & Wealth Corporate Retail Strategy financial capability, with close cooperation Management Group Group Affiliates between the global corporate banking sector Group and the wholesale securities sector in response to the needs of large, global corporations. Mizuho Private Wealth Management Co., Ltd.(MHPW) Mizuho Financial Strategy Co., Ltd. (MHFS) Mizuho Research Institute Ltd. (MHRI) Mizuho Information & Research Institute, Inc. Mizuho Corporate , Ltd. (MHCB) , Ltd. (MHBK) Mizuho Trust & Banking Co., Ltd. (MHTB)

The Global Retail Group The Global Retail Group provides top-level products and services on a global scale, with close cooperation with leading domestic and international companies in response to the diversified and globalized needs of individuals as well as small and medium-sized enterprises

(MHIR) and middle-market corporations in . Trust & Custody Services Bank, Ltd. (TCSB) Asset management companies ( Mizuho Investors Securities Co., Ltd. (MHIS) Co., Ltd. (MHSC) The Global Asset & Wealth Management Group The Global Asset & Wealth Management Group provides top-level products and ser- vices on a global scale in response to the diversified and advanced customers' needs in

DKA, FIMCO, DIAM the business areas of trust and custody, and private banking. )

Shinko Co., Ltd. Securities UC Card Co., Ltd. Group Strategy Affiliates Co., Ltd. MHFS: An advisory company pertaining to management control and corporate revitalization for financial institutions. MHRI: A think tank. MHIR: An IT-related company.

12 Management focus has moved into a phase that will seek to gain the support of customers. Hence, in April 2005, Mizuho launched its business strategy, the “Channel to Discovery” Plan. As action plans under this strategy, we developed the “Business Portfolio Strategy” as well as the “Corporate Management Strategy.”

Corporate Management Strategy We developed the following strategies to realize corporate management befitting a world-leading financial group. • MHFG is preparing for listing on the New York Stock Exchange (NYSE) as early as is feasible in order to further improve the transparency of its corporate governance and increase its investors' trust. • We promote corporate social responsibility (CSR) activities by positioning CSR as one of the main pillars of our group business strategy for the creation of new corporate value and the achievement of sustainable growth. • We are enhancing our branding strategy to establish the Mizuho brand in order to win solid social trust.

Promoting a New Medium-Term Business Plan

We will improve the level of gross profits by Overview of the Medium-Term Business Plan (Billions of yen) drastically devoting management resources to new Resolution of financial issues Fiscal 2007 (Plan) Fiscal 2005 supported by customers Consolidated Net Business Consolidated Net Business

strategic measures in response to customers' Establish a stable Net Income Profits Net Income Profits earning base earning needs. We will also continue with intensive MHFG 650.0 2 1,180.0 649.9 2 889.2 rationalization of existing businesses. Global Corporate Group 1 290.0 2 460.0 1 572.7 2 435.1

The above description of our mid-term business plan contains Global Retail Group 1 290.0 2 630.0 1 157.5 2 365.7 statements that constitute forward-looking statements within the Global Asset & Wealth 1 40.0 2 90.0 1 41.2 2 88.3 meaning of the United States Private Securities Litigation Reform Management Group Act of 1995. Such forward-looking statements do not represent any guarantee by management of future performance and are 1 Aggregated figures of core banking subsidiary and securities subsidiary (non-consolidated). subject to risks, uncertainties and assumptions, including those 2 Figures of core banking subsidiary (non-consolidated). enumerated under “Forward-Looking Statements” on page 1. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results may vary materially from those we currently anticipate. We do not intend to update our forward-looking statements, whether as a result of new information, future events or otherwise.

Progress of “Channel to Discovery” Plan

April 2005 July 2005

MHBK entered into separate business MHTB entered into a business MHBK started to sell the investment collaborations with two of the best collaboration with The Bank of New funds “Mizuho Wachovia U.S. U.S. super-regional , Wachovia York, a global leader in the trust Investment Grade Corporate Bond and respectively. banking business. MHBK also entered Fund,” and “Mizuho Wells Fargo into a business collaboration with The Emerging Markets Equity Open.” Bank of New York in the area of distribution of investment trust products in Japan.

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13 CSR Activities of Mizuho

Mizuho sees CSR as an indispensable part of its activities to achieve sustainable growth along with society. It has adopted a proactive approach to CSR centered on the following priorities. Please refer to Mizuho's CSR REPORT 2005 for details of the Mizuho's approach to CSR.

Involvement in Environmental Awareness Promotion of Group-Wide Approach to CSR By recognizing the immediate importance of curbing and The group's , MHFG, promotes an alleviating environmental impact as a globally shared integrated group-wide approach to CSR with a view to challenge, we are seeking to provide that further developing the existing CSR activities of the are in line with environmental preservation policies, such as group companies. measures to prevent global warming, while at the same time reducing our own consumption of resources. CSR REPORT 2005 Published Supporting Financial Education In February 2006, we published the CSR REPORT We support financial education programs for the 2005 with a view to promoting broader stakeholder development of the next generation so they can acquire understanding of the group's CSR policy and financial knowledge and the ability to resolve the issues they activities. The next edition, CSR REPORT 2006, is due may face in their daily lives. to be published in the fall of 2006. The report is available at Enhancement of Corporate Governance MHFG's website, but a printed We are further enhancing corporate governance in order to copy is also available at your sustain maximum fairness and integrity in our corporate request. activities and thus win high levels of acceptance in the global financial and capital markets.

http://www.mizuho-fg.co.jp/activity/report/index.html Highly Responsive Communications We are realizing responsive communications between stakeholders such as customers, shareholders, local communities and employees.

September 2005 October 2005

MHBK and MHTB started to In pursuit of further We reorganized Mizuho Four financial subsidiaries sell the “Mizuho BNY US synergies in the retail market Holdings (MHHD) into MHFS, specializing in corporate Bank Loan Fund.” business, the two strategic a new advisory company that revitalization terminated retail subsidiaries, UC Card provides advice to financial operations, and MHCB, and Mizuho Capital, were institutions. MHFS integrated MHBK and MHTB merged reorganized as subsidiaries MHHD's expertise in group their own subsidiaries. of MHBK. management as a bank holding company, with Mizuho Advisory's expertise in the area of corporate revitalization.

14 Mizuho Exhibit at Eco-Products 2005 Lectures Held at Universities In December 2005, we set up an exhibit at the Eco- In fiscal 2006, lectures will be held at Hitotsubashi Products 2005 held at Big Sight, Japan's University, Waseda University, and Keio University. Senior largest environment-related exhibition. executives and employees of Mizuho's group companies Out of the many visitors to our booth, some 800 working at the cutting edge of the finance business are people cooperated in completing a questionnaire. to lecture on comprehensive financial knowledge based We will make use of the opinions received from on actual experience. these visitors in promoting our work with the environment. Joint Research on Financial Education Inaugurated In April 2006, Mizuho and Tokyo Gakugei University initiated joint research into specific methods for promoting financial education in forms that are suitable for school education and society.

Brand Strategy

We are developing various kinds of communication activities under the group's unified Brand Slogan, “Channel to Discovery.”

Brand Slogan

The slogan expresses the role Mizuho will play, not only to realize today's dreams, but also to discover new possibilities that lie ahead and to create a better future.

“Discovery” stands for Mizuho's customers discovering their dreams and new possibilities, and “Channel” stands for the role Mizuho will play in providing the ways and means to its customers so that they can realize their dreams and new possibilities.

November 2005 January 2006 February 2006 July 2006

MHPW, private banking As part of strengthening We issued CSR Report 2005 We completed the services company, started our branding strategy, we in order to introduce our repayment of all public its operation. developed communication CSR policies and activities. funds. activities including commercials on television.

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